Social Security is a lifeline for millions of retirees in the U.S., and deciding when to start receiving benefits is a crucial financial decision. Many people choose to claim Social Security at 62—the earliest possible age—but this decision comes with trade-offs. Claiming early means receiving smaller monthly checks for the rest of your life, while waiting longer can increase your payments.
Here’s a clear breakdown of what 62-year-olds typically receive, how it compares to benefits at other ages, and some factors to consider when making your choice.
What’s the Average Social Security Check for a 62-Year-Old?
In 2023, the average Social Security benefit across all recipients was $1,905.31 per month. Thanks to annual cost-of-living adjustments (COLAs), this rose to $1,966.28 in 2024 and will increase again to $2,015.44 in 2025.
However, for those who start claiming benefits at 62, the average payment is much lower. In 2023, their average monthly check was just $1,298.26. After the 2024 COLA, this increased to $1,339.80, and in 2025, it will rise slightly to about $1,373.30.
Why Do Benefits Vary by Age?
The size of your Social Security check depends on your full retirement age (FRA)—which is 66 or 67 for most workers—and when you start claiming. If you claim before your FRA, your benefits are reduced by up to 30%. However, if you delay claiming past your FRA, your benefits increase by up to 8% annually, maxing out at age 70.
For example:
| Age Claimed | Monthly Increase/Decrease |
|---|---|
| 62–FRA | Decrease of up to 30% |
| FRA–70 | Increase of up to 8% annually |
In 2023, retirees aged 70–74 received the highest average monthly benefit at $2,021.81. This increases to $2,086.51 in 2024 and $2,138.67 in 2025.
Is Claiming Social Security at 62 the Right Choice?
Deciding when to claim Social Security depends on your financial situation, health, and personal goals. Here are some key factors to consider:
1. Health and Life Expectancy
If you’re in poor health or don’t expect to live a long life, claiming early might be the better option. This allows you to receive more checks, even if they’re smaller. However, remember that claiming early reduces survivor benefits for your spouse and dependents.
2. Financial Needs
If you lack other retirement savings or sources of income, claiming Social Security at 62 can help cover your expenses. On the other hand, if you can afford to wait, delaying your benefits will provide higher monthly payments in the long run.
3. Marital Considerations
For couples, it can make sense for the lower-earning spouse to claim Social Security at 62, allowing the higher-earning spouse to delay claiming and maximize their benefits. The lower earner can later switch to a spousal benefit if it’s higher than their current payment.
Tips to Maximize Your Benefits
If you’re looking to boost your Social Security income, consider these strategies:
- Work Longer: Increasing your lifetime earnings can raise your benefits since they’re based on your 35 highest-earning years.
- Delay Claiming: Waiting until 70 can provide the largest monthly checks.
- Understand Spousal Benefits: Married individuals may qualify for higher spousal or survivor benefits.
Plan for a Comfortable Retirement
Choosing when to claim Social Security is a personal decision that should align with your retirement goals. Periodically review your financial situation and adjust your plans as needed. Having a strategy in place can give you peace of mind and help you make the most of your benefits.
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Eliot Pierce is a dedicated writer for ChiefsFocus.com, covering local crime and finance news. With a keen eye for detail and a passion for storytelling, Eliot aims to provide his readers with clear and insightful analysis, helping them navigate the complexities of their financial lives while staying informed about important local events. His commitment to delivering accurate and engaging content makes him a valuable resource for the community.